Someone thought he had a really good deal in 2006. It was listed for sale in 2006 in San Francisco in for a mere $58,000,000. A steal! A once-in-a-lifetime opportunity. “Don’t rent. Own.”
It just sold for a little under $29 million.
Easy come. Easy go.
But there is the matter of property taxes. The owner paid $7,900 in 2011.
If I were a home owner in San Francisco, I might wonder a bit. I might dig out my tax receipts for 2011. I would divide my tax bill by the market value of my property to see what the percentage was. Then I would divide $29 million by $7,900.
I get (in round numbers) .0003. That’s three one-hundredths of a percent.
The city did not foreclose for unpaid taxes. “Let it ride.”
I would file an appeal with the tax authorities to get a reduction. Nothing unreasonable. Say, five one-hundredths of a percent.